The Illinois Association of Realtors indicates a 'computer' glitch caused the lowest priced 11% of housing records to be omitted. Really? A 'computer' glitch? Well, what incredibly intelligent tech person hired the novice that programmed the computer and didn't verify the data? We may never know. Yet, maybe just maybe, like a caring parent who wishes to use their financial resources to protect their children from the harsh realities of the world, IAR was attempting to protect it's constituents, aka dues-paying Realtors, and stop the flood of Realtors leaving the business which erodes its' political action warchest. Maybe, just maybe, it was intentional protection!
The Illinois Association of Realtors restated the June results which include sales figures of new and existing homes for the nine-county Chicago area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.
The revised report indicates that June 2011 home sales declined 17.7% to 7,481 single-family homes and condominiums. And, in the city of Chicago, sales were down 27.1% to 1,841.
Supposedly, the 'computer' calculated the statistics and 'missed' the 11% of records. Surprisingly, the 11% which was 'missed' happened to be for Chicago homes that were the lowest priced during that period. And therefore, unintentionally, over-stating the median prices.
No matter how you slice it, the news is less than rosy. At least this July's performance was legitimately fueled by interested buyers and activity was notably better.
Michael Hobbs, President, PahRoo Appraisal & Consultancy
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